Project Management- Project UMUC is to produce 200 widgets and is scheduled

1.) Project UMUC is to produce 200 widgets and is scheduled to take five weeks. Each unit is planned to cost $90. The project is severely cost constrained. Performance data for the project at the end of week three is presented below:120 total units were planned to be produced130 units have actually been producedThe financial manager reported that the business had actually spent $13,000 on the project by the end of week three.Please answer the following questionsQuantify cost variance. Is the project ahead or behind budget?Quantify schedule variance. Is the project ahead or behind schedule?Quantify cost performance efficiency. Is the project performing better or worse than planned?Quantify schedule performance efficiency. Is the project performing better or worse than planned? What is the forecast of project cost at completion assuming current cost performance efficiency remains the same? How much budget variance is expected at completion?What is the forecast of funding needed to complete the project (from this point forward)?What cost performance efficiency would be required for the remainder of the project to complete the project within the original budget?As the project financial manager, what recommendations would you make2.) This question is based on the information provided in the abbreviated year-end Income Statement and abbreviated year-end Balance Sheet for NMC Corporation shown below. NMC Corporation Income Statement for the Calendar Year (January 1 – December 31)Thousands of dollars (except stock price, earnings per share, and dividends per share)Net sales$3000Cost and expenses:$2734EBIT$266Less interest expense:$66Earnings before taxes$200Taxes$80Net income before preferred dividends$120Dividends to preferred stockholders$8Net income available to common stock holders$112Per share common stock:Stock Price$26.50Earnings per share$2.24Dividends per share$1.84NMC Corporation Balance Sheet (Average of beginning and end of year)Assets (thousands of dollars)Liabilities and Equity (thousands of dollars)Cash$50Accounts payable$60Market securities$0Notes payable$100Accounts receivable$350Accrued Wages$10Inventories$300Accrued Taxes$130Total Current Assets:$700Total Current Liabilities:$300Net plant and equipment:$1300Total Long Term Debt:$800Total Stock Holder’s Equity:$900Total Assets:$2000Total liabilities and equity:$20008a. Calculate the NMC financial ratios contained in the following tableFinancial RatiosNMC ValuesIndustry ValuesCurrent Ratio2.5 timesQuick (Acid) Ratio1.0 timesTotal Debt to Total Assets40%Return on Assets (ROA)9%Price/Earnings Ratio12.5 times8b. Compare your results to the industry ratios and describe what NMC should do to improve its position in the market.